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Tupperware, Once a 'Synonym' For Plastic Containers, Files for Bankruptcy
Tupperware has filed for bankruptcy amid declining sales and increased competition, seeking court approval to initiate a business sale while aiming to continue operations. Once a household name synonymous with plastic containers, Tupperware struggled to attract younger consumers and raise necessary funds.
US brand Tupperware has filed for bankruptcy
US-based food storage container firm Tupperware has filed for bankruptcy as it looks to survive amid dropping sales. The firm would now request the court to allow the start of the sale of a business, however, the company still wants to continue operating. The brand, which has been in business for 78 years, has almost become a synonym of plastic container, as people often refer them as Tupperware.
The company, despite its repeated attempts, failed to revive its product as it did not appeal to the younger audience as much as the firm would have wanted. The company fell short to its competitiors and also could not raise funds it needed to remain afloat.
The company's shares declined by over 50% this week amid reports of an impending bankruptcy filing. After experiencing a brief surge in sales during the pandemic as more people cooked at home, Tupperware has since seen demand decline. Rising costs of raw materials, increased wages, and transportation expenses have further squeezed profit margins.
"Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment," stated Tupperware's CEO Laurie Ann Goldman in a message to investors.
Founded in 1946 by Earl Tupper, who patented the containers' flexible airtight seal, Tupperware revolutionised food storage using new plastics, which were especially valuable when refrigerators were still a luxury for many families. However, it wasn't an instant success.
The brand gained prominence thanks to pioneering saleswoman Brownie Wise, who popularised the concept of "Tupperware parties," where mostly female salespeople sold products directly to other women in their homes. Today, Tupperware is available in 70 countries worldwide.
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